TIMELINE: Controversy has dogged HIPS

Thu Aug 2, 2007 12:32am BST
 
Email | Print | | Single Page
[-] Text [+]

LONDON (Reuters) - Property sellers of homes with four or more bedrooms in England and Wales will have to provide a home information pack (HIP) from Wednesday.

Here is a short history of HIPS, which have been beset by controversy.

* The idea of HIPs was included in Labour's 2001 election manifesto, with the promise that the party would "make it easier for people buying and selling homes through a new sellers' pack".

* Plans for legislation to bring in the packs were included in the Queen's Speech in 2003.

* It was envisaged that the packs would include everything a buyer needed to know about the property before making an offer, including the title deeds, local authority searches and a survey, known as a "home condition report".

* The government argued that having this information would not only speed up the house buying process, but would also reduce the chances of house sales falling through.

* However, the packs have been fiercely opposed.

* Market commentators warned that the packs could distort the housing market and would also have little positive impact on the buying and selling process, forcing the government into a series of U-turns.

* In June 2006, ministers bowed to pressure saying that home condition reports would no longer be a mandatory part of the packs.  Continued...

 
Chancellor Alistair Darling attends a cabinet meeting in Nottingham, November 20, 2009.   REUTERS/Andrew Winning
Darling to cut GDP forecast

Chancellor Alistair Darling will downgrade the 2009 economic outlook when he presents his pre-budget report next month but still point to growth resuming at the turn of the year.  Full Article 

Most Popular General News on Reuters UK

  • Articles
  • Videos